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TransAlta has the power
Squire Sanders has advised TransAlta Corporation on its acquisition of the 125 megawatt dual-fuel Solomon Power Station from FMG Limited.
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Deal: Acquisition of the 125 megawatt dual-fuel Solomon Power Station from FMG Limited
Area: Energy and resources
Value: $US300 million
Key players: Energy & resources partner Duncan Maclean and senior associate Lisa Butler led the Squire Sanders team for the transaction, which was announced on 5 September 2012
Deal significance: The parties also concluded a long-term Power Purchase Agreement for the supply of power to FMG’s iron ore mining operations in the Solomon Hub in the Pilbara Region in Western Australia. TransAlta is Canada’s largest publicly-traded power generator and wholesale marketing company of electricity and renewable energy. The Solomon Power Station is still under construction and will not be completed until the fourth quarter of 2012, after financial close. This added significant complexity to the arrangements to manage completion risk.
